Biden Admin Waives Sanctions on Iranian Oil Trade As DOJ Announces Charges On Spy Network

Stinken Blinken

Iranian intel agents sought to kidnap American journalist

The State Department informed Congress late Tuesday that it would waive sanctions on Iran's illicit oil trade so that the country can access frozen funds from South Korea and Japan, the same day the Department of Justice announced charges on an Iranian spy network that sought to kidnap an American.

The waiver, signed by Secretary of State Antony Blinken, allows the "transfer of Iranian funds in restricted accounts to exporters in Japan and the Republic of Korea," according to a notification sent to Congress by the State Department. The waiver allows Iranian money that had been frozen as a result of American sanctions to be freed up without violating the law. "Allowing these funds to be used to repay exporters in these jurisdictions will make those entities whole with respect to the goods and services they exported to Iran, address a recurring irritant in important bilateral relationships, and decrease Iran’s foreign reserves," the waiver states.

The waiver was announced on the same day the Justice Department announced new charges against a network of Iranian intelligence agents who sought to kidnap an American journalist and bring her to Iran. The charges include kidnapping conspiracy, sanctions violations conspiracy, bank and wire fraud conspiracy, and money laundering conspiracy charges.

The sanctions relief also comes as the United States and Iran get closer to finalizing a revamped nuclear deal that will even further unwind sanctions on Tehran. Congressional Republicans are likely to oppose the move, which lessens economic pressure on Iran at a time when it is still funding regional terror groups and building out its nuclear weapons program. Sanctions of Iran's oil trade were a hallmark policy of the Trump administration, which sought to cut Iran's exports down to zero and deny the regime a key source of income.

Richard Goldberg, the former director for countering Iranian weapons of mass destruction on Trump's White House National Security Council, said the waiver will relieve pressure on Iran's floundering economy and give it access to much-needed cash.

"There’s a reason we talk about accessible foreign exchange reserves versus inaccessible foreign exchange reserves. If you free up money that’s trapped in foreign accounts for Iran to pay off debts, you are bailing out the regime and rescuing the mullahs from a balance of payments crisis," said Goldberg, a senior adviser at the Foundation for Defense of Democracies. "This is a bailout, plain and simple. And to announce it right as DOJ tells us Iran tried to kidnap an American journalist out of New York City—that’s a...

Read More HERE